Price, volume & events
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- Last 2026-11-06
- A$0.26
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$140.4M
- EV
- A$77.9M
- Cash
- A$62.5M
- Debt
- A$0
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Sign in or enter a guest codeAnnouncements
Latest 12 of 14All sources ▸- Corporate Presentation for Southwest ConnectPresentation
- Quarterly Appendix 5B Cash Flow ReportResults
- Quarterly Activities ReportOperations
- Notice of Annual General Meeting/Proxy FormGovernance
- Annual Report to ShareholdersResults
- Annual General Meeting InformationGovernance
- Notification regarding unquoted securities - VALCorporate Action
- Becoming a substantial holderGovernance
- June 2026 Quarterly Activities/Cashflow ReportResults
- Quarterly Activities/Appendix 5B Cash Flow ReportResults
- Initial Director's Interest Notice x4Governance
- Becoming a substantial holderGovernance
Event calendar · next 12 months
5 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Targeted Q2 FY27 (Oct-Dec 2026) | Underground mining services contract award and mobilisation at Comet | Construction Or Commissioning | Company Guided | High | Converts the restart plan into contracted cost; key test of the restart budget. |
| Power station commissioning scheduled for completion by end Oct 2026; installation may slip into Q2 FY27 | Comet site power station commissioning | Construction Or Commissioning | Company Guided | Medium | Gating item for ventilation and dewatering. |
| Targeted before end of Q2 FY27 (by 31 Dec 2026) | Comet Restart Study completion (mine plan and contractor pricing) | Study | Company Guided | High | First economic study for Comet; will set the restart capex, mine life and production profile that are missing from the valuation. |
| Ongoing programmes through FY27; results released as validated | South Emu-Triton and Boomerang resource definition drilling results | Exploration | Company Guided | Medium | Drives Reedy conversion of Inferred ounces and any updated resource statement. |
| Targeted H2 FY27 (Jan-Jun 2027), subject to execution | Comet first production (H2 FY27) | Production | Company Guided | High | First revenue from the restart; the company needs OPA payments to start. |
Executive roster
As of 2026-10-29Background checks ▸Executives taken from the October 2026 investor presentation (board and management slide). Full directors and executives list in the FY26 annual report remuneration section was not reviewed in this run.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Brendan Tritton | Managing Director and Chief Executive Officer | Executive Director · Chief Executive | — | Corporate Presentation for Southwest Connect · Annual Report to Shareholders |
| Donna Thornton | Chief Financial Officer | Finance | — | Corporate Presentation for Southwest Connect |
| Joan Dabon | Company Secretary | Company Secretary | — | Corporate Presentation for Southwest Connect |
| Lieth de Selincourt | Manager Exploration | Technical · Senior Management | — | Corporate Presentation for Southwest Connect |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Comet Gold Project
AU
Care And Maintenance100% ownedGold
Underground re-entered July 2026; dewatering to 1270 Level; restart study and mining contract pending; first production targeted H2 FY27
- Nameplate capacity
- —
- Restart capex
- —
- Contained metal (attributable)
- 319.0k ozd
- Last production year
- 2,023 year
- Target restart
- H2 FY27g
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, Indicated and Inferred (total) | 4.1M t | 2.43 g/t Au | Gold | 2026-06-30 |
Milestones3
- Comet Restart Study completed (mine plan and contractor pricing)
Pending · High materiality
- Underground mining services contract award and mobilisation
Pending · High materiality
- First production from Comet (H2 FY27 target)
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Mining Leases (granted) at Comet | Western Australia | Granted | — | No |
Material
Reedy Gold Project
AU
Resource Stage100% ownedGold
Resource definition and drilling; South Emu-Triton restart evaluation and Boomerang open-pit or underground scenarios; no study
- Contained metal (attributable)
- 889.6k ozd
- Resource grade
- 2.4 g/t Au
- % Measured + Indicated
- 31.2%d
- Resource tonnes
- 11.52 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- underground and open-pit (scenarios under evaluation)
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, Indicated and Inferred (total) | 11.5M t | 2.40 g/t Au | Gold | 2026-06-30 |
Milestones1
- South Emu-Triton and Boomerang resource definition drilling (ongoing)
Pending · Medium materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Mining Lease at Reedy (granted, per presentation) | Western Australia | Granted | — | No |
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Cash and cash equivalents A$57.5m plus A$5.0m term deposits (maturity over 90 days, accessible) at 30 Sep 2026, A$62.5m in total, with no debt and no facilities drawn or available. Use-of-funds table: A$6.0m spent in the Sep quarter and A$15.5m since listing against the A$77m prospectus budget. The A$3.1m stamp-duty allocation is not expended after the exemption and remains unallocated. Comet restart and resource drilling are not yet costed in a study.
Capital structure
Ownership and dilution
- Ordinary shares
- 540M
- Fully diluted
- 565.8M
Ordinary shares 540,000,100 at 30 June 2026 and 30 Sep 2026 (annual report note 15; quarterly capital structure). Fully diluted adds 9,942,855 performance rights and 15,817,337 unlisted options, exercise prices not disclosed in the documents read. Restricted demerger shares (240,000,000 to Westgold) held in escrow to 27 March 2028.
Security classes3
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Fully paid ordinary shares | Ordinary Share | 540M | — | — |
| Performance rights | Performance Right | 9.9M | — | — |
| Unlisted options | Option | 15.8M | — | — |
KPI history
Operating metrics
Operating metric source table2
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Cash and cash equivalents at 30 June 2026 | Company | 30 June 2026 | Point In Time | 62,753,000 AUD | Reported |
| Cash and cash equivalents at 30 Sep 2026 | Company | Sep 2026 quarter | Point In Time | 57,464,000 AUD | Reported |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| First Production (Comet, Underground Restart) | comet | H2 FY27 | — | — text | Current |
| Ore Delivery Under Ore Purchase Agreement | comet | FY27 onward | 15 | 50 kt per month | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-03-19 | Raising | A$75M | 300M | — | Completed | — |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Only material arrangement disclosed is the Ore Purchase Agreement with Westgold; Westgold demerger terms and the 44% holding are capital-structure items.
Ore Purchase Agreement with Westgold allowing ore from Comet and Reedy to be processed at Westgold mills (Tuckabianna and Bluebird) with payment on delivery. Price, payability and recoveries not disclosed in the documents read.
Offtake · Active- Counterparties
- Westgold Resources Limited
- Applies to
- Comet Gold Project · Reedy Gold Project · Gold
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- Payment timing: On delivery of ore
Ore delivery range: 15-50 kt per month
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Evidence-limited screening of seven identified board and management members. Documented employer outcomes include production, project deferrals and regulatory matters with responsibility limits; Valiant restart remains a target.
Decision-relevant facts
Material summary
Brendan Tritton
Managing Director and Chief Executive Officer
Role FitAnalyst Inference · Medium materiality
Role-relevant experience
The issuer reports mining-science training at the Western Australian School of Mines and past roles at Barrick Kanowna Belle and Mincor Kambalda; exact roles and dates have not been independently confirmed.
Responsibility not applicable · The description comes from the issuer and does not independently establish performance or credentials.
Annual report 2026 · PDF p.14, directors and appointment
Investor presentation October 2026 · PDF p.4, management biographies
Company SuccessIssuer Reported · Medium materiality
Valiant completed its IPO
Valiant reported admission and an A$75m pre-costs IPO in March 2026.
Role overlaps event; causation unproven · He was MD/CEO, but the issuer describes a team effort; individual contribution was not isolated.
IPO successfully completed · p.1, listing and proceeds
EnvironmentDocumented · Medium materiality
Mincor Miitel environmental enforcement
The Western Australian enforcement register records March and April 2015 hypersaline-water discharges at Mincor’s Miitel mine, with two A$25,000 penalties dated April 2016.
Employer context; no individual link established · The issuer biography names Mincor experience but his precise tenure, site responsibility and any connection to these incidents are not established. No personal fault is inferred.
Environmental enforcement register · Environmental enforcement table, Mincor Miitel rows
FailureDocumented · Medium materiality
Mincor reported an FY2015 loss
Mincor reported a FY2015 net loss of A$34.259m, including A$13.891m property, plant and equipment impairment. A secondary professional profile reports Tritton worked at Mincor during 2012–15; the exact dates and site have not been independently verified.
Employer context; no individual link established · A secondary profile suggests possible tenure overlap; no source connects him personally to the losses or impairment.
Mincor FY2015 preliminary report · Consolidated statement of profit or loss, FY2015
Brendan Tritton professional profile · Reported Mincor employment period
Evidence gaps · 3
- Person-specific topic and indexed regulator searches were performed; complete prior-employer chronology, underlying regulator/court registers and independently verified qualifications remain incomplete.
- The issuer presentation identifies four directors and two officers on page 4 and the exploration manager on page 2; other unannounced senior roles cannot be excluded.
- The presentation p.4 and annual report p.15 were visually inspected; other cached PDF pages cited were not visually inspected.
Donna Thornton
Chief Financial Officer
Role FitAnalyst Inference · Medium materiality
Role-relevant experience
The issuer reports chartered-accountant status and former Catalyst, Alkane, Consolidated Minerals and Macmahon roles; qualifications and most dates have not been independently verified.
Responsibility not applicable · The description comes from the issuer and does not independently establish performance or credentials.
Investor presentation October 2026 · PDF p.4, CFO biography
GovernanceDocumented · Medium materiality
Catalyst obtained disclosure relief
During the period of Thornton’s Catalyst CFO role, Catalyst issued its FY2024 consolidated entity disclosure statement. In August 2025 the Federal Court validated specified documents and notices and granted civil relief concerning omitted subsidiary tax-residency information.
Role overlaps event; causation unproven · Catalyst’s annual report identifies her CFO role; the opened orders do not name her or establish personal fault. The full judgment reasons remain inaccessible.
Annual report 2024 · printed p.25, CFO agreement
Court orders confirmed · pp.1–3, court orders
Company SuccessIssuer Reported · Medium materiality
Catalyst operating outcome during CFO tenure
Catalyst reported FY2025 gold production of 108,018 ounces versus 109,785 in FY2024, attributing the decrease to the May 2025 Henty sale; its report lists Thornton as CFO. In FY2026, after Thornton’s CFO departure, Catalyst reported 103,761 ounces at Plutonic versus 86,384 ounces in FY2025; these Plutonic-only figures exclude Henty and are not group totals.
Role overlaps event; causation unproven · Thornton held the CFO role; the operating result is the company’s and no individual causal contribution is established.
Annual report 2025 · PDF p.3, operational summary; p.21 remuneration table
FY2026 Appendix 4E and annual financial statements · PDF p.9, Plutonic operating results
Company SuccessIssuer Reported · Medium materiality
Alkane Tomingley production context
Catalyst’s 2023 appointment announcement attributes to Thornton finance-team assistance during Alkane’s Tomingley underground development and demerger. Alkane reported 66,804 ounces of FY2022 gold against guidance of 55,000–60,000 ounces.
Employer context; no individual link established · Catalyst describes her finance contribution generally; her exact Alkane start date and any individual responsibility for FY2022 operating output are not independently established.
Catalyst CFO appointment · PDF p.1, prior finance role and claimed assistance
Tomingley FY2022 production · Highlights, FY2022 actual and guidance
Evidence gaps · 5
- Person-specific topic and indexed regulator searches were performed; complete prior-employer chronology, underlying regulator/court registers and independently verified qualifications remain incomplete.
- The issuer presentation identifies four directors and two officers on page 4 and the exploration manager on page 2; other unannounced senior roles cannot be excluded.
- The presentation p.4 and annual report p.15 were visually inspected; other cached PDF pages cited were not visually inspected.
- Full reasons in Catalyst Metals [2025] FCA 1052 could not be opened; the search-index lead concerning report preparation was not treated as reviewed evidence, and no individual fault is inferred.
- Catalyst’s 31 January 2023 release states a 27 February 2023 CFO effective date, while its 24 July 2025 succession release says she led finance from late 2022; earlier service and formal appointment may differ, but the discrepancy is unresolved.
Joan Dabon
Company Secretary
Role FitAnalyst Inference · Medium materiality
Role-relevant experience
The issuer reports a Juris Doctor and Governance Institute associate membership and prior work at Source Governance. These are issuer-reported qualifications, not independent verification.
Responsibility not applicable · The description comes from the issuer and does not independently establish performance or credentials.
Annual report 2026 · PDF p.15, company secretary and appointment
Investor presentation October 2026 · PDF p.4, management biographies
Company SuccessIssuer Reported · Medium materiality
Hazer demonstration and commercial-scale limits
Hazer reported more than 240 hours of continuous hydrogen and graphite production in its 2024 demonstration. Its FY2026 report states the process had not yet been demonstrated at full commercial scale; it reported an FY2026 net loss of A$10.38m versus A$7.62m in FY2025.
Role overlaps event; causation unproven · Hazer identifies Dabon as company secretary; plant development and operating outcomes are not attributed to her.
Commercial demonstration plant operations · PDF p.1, 240-hour demonstration
FY2026 preliminary report and accounts · PDF pp.1, 4, 10 and 14, results, scale-up risk and secretary
Evidence gaps · 4
- Person-specific topic and indexed regulator searches were performed; complete prior-employer chronology, underlying regulator/court registers and independently verified qualifications remain incomplete.
- The issuer presentation identifies four directors and two officers on page 4 and the exploration manager on page 2; other unannounced senior roles cannot be excluded.
- The presentation p.4 and annual report p.15 were visually inspected; other cached PDF pages cited were not visually inspected.
- Donaco’s last reviewed disclosure names her secretary on 4 August 2025; her departure date and role when the acquisition was implemented are not established.
Lieth de Selincourt
Manager Exploration
Role FitAnalyst Inference · Medium materiality
Role-relevant experience
Valiant describes him as an MSc and lists Australian Institute of Geoscientists and Society of Economic Geologists memberships. Independent degree and current membership verification were not completed.
Responsibility not applicable · The description comes from the issuer and does not independently establish performance or credentials.
September 2026 quarterly activities report · PDF p.9, competent-person statement
Evidence gaps · 3
- Person-specific topic and indexed regulator searches were performed; complete prior-employer chronology, underlying regulator/court registers and independently verified qualifications remain incomplete.
- The issuer presentation identifies four directors and two officers on page 4 and the exploration manager on page 2; other unannounced senior roles cannot be excluded.
- The presentation p.4 and annual report p.15 were visually inspected; other cached PDF pages cited were not visually inspected.
Derek La Ferla
Non-Executive Chairman
Role FitAnalyst Inference · Medium materiality
Issuer-reported experience relevant to board oversight
The issuer describes corporate-law and mining-board experience, including prior chairmanship of Sandfire and the current chairmanship of Chalice.
Responsibility not applicable · Issuer biography describes roles but does not independently establish individual contributions or outcomes.
Investor presentation October 2026 · PDF p.4, Board & Management
Company SuccessIssuer Reported · Medium materiality
Sandfire reached production while La Ferla chaired
Sandfire reported FY2013 production of 64,017 tonnes of copper and 42,679 ounces of gold and attainment of 1.5 Mtpa plant nameplate throughput. The same report identifies La Ferla as non-executive chairman.
Role overlaps event; causation unproven · The disclosed chairmanship establishes board oversight overlap, not an individual operational contribution.
June 2013 quarterly report · PDF p.1, production highlights and directors
FailureIssuer Reported · Medium materiality
Black Swan restart deferred during Poseidon chairmanship
Poseidon’s chair and managing director reported a July 2023 Black Swan restart deferral, citing weaker nickel and equity markets together with grid power delays, metallurgical assumptions, labour and accommodation constraints. After his departure, Horizon reported completion of the Poseidon merger in 2025; Maritana reported approvals and early works for a Black Swan gold processing hub in October 2026, with first gold still targeted for H2 2027. This later gold project does not establish that the earlier nickel restart occurred.
Role overlaps event; causation unproven · La Ferla was non-executive chair when the board reported its decision. The source does not isolate his individual responsibility; commercial and operating factors are identified by the company.
Poseidon Nickel 2023 annual report · PDF p.2, chairman and managing director report
June 2025 quarterly activities report · PDF p.8, acquisitions and divestments
Quarterly activities report 30 September 2026 · Highlights, Black Swan Processing Hub
EnvironmentAlleged · Medium materiality
Gonneville corridor objection under assessment
On 26 October 2026 the Shire of Chittering formally objected to Chalice’s proposed Gonneville infrastructure-envelope change, citing mapping, residential and habitat concerns. Chalice’s October update describes an amended corridor and reduced proposed mine-site clearing; its general statement is not a specific response to the Shire’s objection. Consultation remained open at the cutoff.
Role overlaps event; causation unproven · La Ferla chaired Chalice; the Shire’s concerns are submissions for assessment, not established findings of wrongdoing or personal responsibility.
Gonneville section 43A objection · PDF pp.1–3, formal objection
Gonneville approvals update · October 2026 approvals update
Evidence gaps · 3
- Person-specific topic and indexed regulator searches were performed; some employer outcomes, underlying records, career dates and qualifications remain unverified.
- Prior-employer dates and individual responsibility for company outcomes are not established.
- A specific signed Chalice response to the Shire’s 26 October corridor objection was not located by the cutoff; the EPA assessment and consultation remained ongoing.
Simon Rigby
Non-Executive Director
Role FitAnalyst Inference · Medium materiality
Issuer-reported experience relevant to board oversight
The issuer identifies him as Westgold Chief Growth Officer and its board nominee, with exploration and mining leadership experience.
Responsibility not applicable · Issuer biography describes roles but does not independently establish individual contributions or outcomes.
Investor presentation October 2026 · PDF p.4, Board & Management
GovernanceIssuer Reported · Medium materiality
Westgold nominee and concurrent executive role
The issuer identifies Rigby as Westgold Chief Growth Officer and Westgold’s nominee on the Valiant board.
Individual involvement documented · The disclosed roles create an identifiable related-party oversight context; no misconduct is implied.
Investor presentation October 2026 · PDF p.4, Simon Rigby biography
SafetyDocumented · Medium materiality
Westgold subsidiary fined after Big Bell fatality
WorkSafe reported that a Westgold subsidiary pleaded guilty and was fined A$945,000 in July 2025 after a contractor was fatally struck at Big Bell in December 2020. The regulator states the offence did not establish that the breach caused the fatal incident.
Employer context; no individual link established · Rigby’s dates and responsibilities at the time of the incident are not established by this source; no individual responsibility or causal involvement is inferred.
Gold miner fined after fatal underground incident · Regulator release, offence and incident paragraphs
Company SuccessIssuer Reported · Medium materiality
Westgold reported higher FY2026 production
Westgold reported 387,354 ounces of gold production in FY2026 versus 326,384 in FY2025. Its December 2024 quarterly report identifies Rigby as chief growth officer supervising exploration reporting.
Role overlaps event; causation unproven · Issuer-reported growth includes a larger operating base; the company output cannot be attributed to Rigby personally.
FY2026 annual report · Annual report, FY26 financial results
December 2024 quarterly report · PDF p.29, competent-person statement
Evidence gaps · 2
- Person-specific topic and indexed regulator searches were performed; some employer outcomes, underlying records, career dates and qualifications remain unverified.
- Prior-employer dates and individual responsibility for company outcomes are not established.
Anthony Chamberlain
Non-Executive Director
Role FitAnalyst Inference · Medium materiality
Issuer-reported experience relevant to board oversight
The issuer reports a metallurgy PhD and operational and executive roles at WMC, BHP and several junior resource companies, including Vimy.
Responsibility not applicable · Issuer biography describes roles but does not independently establish individual contributions or outcomes.
Investor presentation October 2026 · PDF p.4, Board & Management
Company SuccessIssuer Reported · Medium materiality
Vimy merger completed; Mulga Rock remained in study
Deep Yellow reported implementation of its Vimy merger on 4 August 2022 and Chamberlain joining its executive team. In October 2026 Deep Yellow reported ongoing Mulga Rock process optimisation and revised feasibility work.
Role overlaps event; causation unproven · He was a Vimy executive director and COO at the merger; a personal contribution to the transaction is not isolated. His Deep Yellow role’s end date and any responsibility for later work are not established.
Re Vimy Resources Ltd [2022] WASC 233 · Judgment paragraph 5, Vimy role
Deep Yellow board and executive appointments · PDF p.1, merger and executive appointment
September 2026 activities report · Highlights, Mulga Rock project
EnvironmentAlleged · Medium materiality
Mulga Rock economic and rehabilitation criticism
In November 2020 the Conservation Council of WA and The Australia Institute criticised assumptions in Vimy’s Mulga Rock feasibility work and alleged insufficient consideration of rehabilitation costs. Vimy later reported 2021 mining-proposal and closure-plan approvals and regulator confirmation of substantial commencement. In October 2026 Deep Yellow described ongoing revised feasibility work; neither the company’s later report nor the 2026 update specifically resolves the 2020 criticism.
Role overlaps event; causation unproven · Chamberlain was a Vimy director during the 2020 criticism, but the organisations did not establish his personal responsibility. The criticism is advocacy, not a finding of misconduct; Vimy’s later approvals statement is not an independent finding on the disputed economics.
Mulga Rock uranium economic and approvals briefing · Key findings and rehabilitation-cost concerns
Vimy 2019 annual financial report · Printed p.16, director appointment
Vimy half-year financial report · Printed p.3, approvals and substantial commencement
September 2026 activities report · Highlights, Mulga Rock revised feasibility
Evidence gaps · 3
- Person-specific topic and indexed regulator searches were performed; some employer outcomes, underlying records, career dates and qualifications remain unverified.
- Prior-employer dates and individual responsibility for company outcomes are not established.
- A specific signed Vimy response to the 2020 Conservation Council and Australia Institute economic and rehabilitation allegations was not located; later approvals do not resolve the disputed assumptions.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-24 · 540,000,100 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 44.44% | 240,000,100 | |
| 2 | 9.50% | 51,283,488 | |
| 3 | 7.36% | 39,735,377 | |
| 4 | 3.09% | 16,679,334 | |
| 5 | 3.03% | 16,343,501 | |
| 6 | 1.69% | 9,152,971 | |
| 7 | 1.30% | 7,022,671 | |
| 8 | 0.95% | 5,142,673 | |
| 9 | 0.89% | 4,813,840 | |
| 10 | 0.75% | 4,047,201 | |
| 11 | 0.67% | 3,640,000 | |
| 12 | 0.59% | 3,175,000 | |
| 13 | 0.59% | 3,167,000 | |
| 14 | 0.56% | 3,029,515 | |
| 15 | 0.55% | 2,996,333 | |
| 16 | 0.52% | 2,814,700 | |
| 17 | 0.50% | 2,682,260 | |
| 18 | 0.40% | 2,150,000 | |
| 19 | 0.35% | 1,881,632 | |
| 20 | 0.31% | 1,660,000 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 44.44%Voting power | 2026-03-19 | |
| 5.07%Voting power | 2026-08-07 |
Other named investors
Issuer-confirmed investors whose existing holding is not quantified in the reviewed disclosure
| Investor | Disclosed holding | Confirmed at |
|---|---|---|
| Not quantified | 2026-09-30 | |
| Not quantified | 2026-09-30 | |
| Not quantified | 2026-09-30 | |
| Not quantified | 2026-09-30 | |
| Not quantified | 2026-09-30 |
Sources & review notesEvidence checked through 2026-11-01
Coverage and limitations
- Registered nominee accounts conceal underlying beneficial owners.
- Issuer’s separate notice reports restrictions on the same Big Bell shares; it is not an additional 44.44% holding and confers no voting rights.
- Two accounts with the same Mr Shiming Qian name appear as separate ranks in the issuer table.
- Later trades below disclosure thresholds can change ownership without new notices.
- The 30 September Nasdaq-sourced issuer summary reports rounded percentages but does not define their basis or identify underlying accounts; the five additional investor rows retain null numeric positions.
Sources
- Annual Report 2026
Valiant Gold via ASX · Published 2026-09-29 · Accessed 2026-10-31
20 registered accounts as of 24 September 2026 and substantial-holder summary.
PDF pages 45–46
- Westgold initial substantial-holder notice
Westgold via ASX · Published 2026-03-27 · Accessed 2026-10-31
240,000,100 shares and 44.44% voting power at 19 March 2026.
page 1
- Franklin initial substantial-holder notice
Franklin Resources via ASX · Published 2026-08-11 · Accessed 2026-10-31
27,403,800 shares and 5.07% voting power at 7 August 2026.
page 1
- Valiant substantial-holder notice
Valiant Gold via ASX · Published 2026-03-27 · Accessed 2026-10-31
Valiant discloses restrictions over Big Bell shares; it has no rights of acquisition or voting over them.
page 1
- Corporate Presentation for Southwest Connect
Valiant Gold via ASX · Published 2026-10-29 · Accessed 2026-11-01
Issuer significant ownership summary, sourced to Nasdaq as at 30 September 2026; rounded percentages, without individual share quantities or defined percentage basis.
downloads/VAL/2026/2026-10-29_Corporate Presentation for Southwest Connect.pdf, PDF page 3
Disclosed activity
Insider transactions
Trading activity6 buys · 0 sells shownNet cash last 12 months A$762.1kShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-08-07 | Franklin Advisers, Inc.
Details & evidence for Franklin Advisers, Inc. on 2026-08-07Investment-manager relevant interest; not an assertion of beneficial ownership. As disclosed: Cash (AUD) acquisition; ordinary course on stock exchange.
Franklin Resources, Inc. and affiliates · Related body corporate in the Franklin composite substantial-holder notice; it reports disposal rights under investment management agreements. JPMorgan Chase Bank, N.A. · The Form 603 identifies JPMorgan Chase Bank, N.A. as registered holder for Franklin Advisers’ reported share interest. Becoming a substantial holder ↗ | PurchaseOrdinary shares | 3,060,000 | AUD 672,966.00 | AUD 0.219924Calculated average | — |
| 2026-07-02 | Franklin Advisers, Inc.
Details & evidence for Franklin Advisers, Inc. on 2026-07-02Investment-manager relevant interest; not an assertion of beneficial ownership. As disclosed: Cash (AUD) acquisition; ordinary course on stock exchange.
Franklin Resources, Inc. and affiliates · Related body corporate in the Franklin composite substantial-holder notice; it reports disposal rights under investment management agreements. JPMorgan Chase Bank, N.A. · The Form 603 identifies JPMorgan Chase Bank, N.A. as registered holder for Franklin Advisers’ reported share interest. Becoming a substantial holder ↗ | PurchaseOrdinary shares | 80,000 | AUD 16,400.00 | AUD 0.205Calculated average | — |
| 2026-05-15 | Franklin Advisers, Inc.
Details & evidence for Franklin Advisers, Inc. on 2026-05-15Investment-manager relevant interest; not an assertion of beneficial ownership. As disclosed: Cash (AUD) acquisition; ordinary course on stock exchange.
Franklin Resources, Inc. and affiliates · Related body corporate in the Franklin composite substantial-holder notice; it reports disposal rights under investment management agreements. JPMorgan Chase Bank, N.A. · The Form 603 identifies JPMorgan Chase Bank, N.A. as registered holder for Franklin Advisers’ reported share interest. Becoming a substantial holder ↗ | PurchaseOrdinary shares | 120,000 | AUD 32,676.00 | AUD 0.2723Calculated average | — |
| 2026-05-14 | Franklin Advisers, Inc.
Details & evidence for Franklin Advisers, Inc. on 2026-05-14Investment-manager relevant interest; not an assertion of beneficial ownership. As disclosed: Cash (AUD) acquisition; ordinary course on stock exchange.
Franklin Resources, Inc. and affiliates · Related body corporate in the Franklin composite substantial-holder notice; it reports disposal rights under investment management agreements. JPMorgan Chase Bank, N.A. · The Form 603 identifies JPMorgan Chase Bank, N.A. as registered holder for Franklin Advisers’ reported share interest. Becoming a substantial holder ↗ | PurchaseOrdinary shares | 130,800 | AUD 36,401.64 | AUD 0.2783Calculated average | — |
| 2026-05-04 | Franklin Advisers, Inc.
Details & evidence for Franklin Advisers, Inc. on 2026-05-04Investment-manager relevant interest; not an assertion of beneficial ownership. As disclosed: Cash (AUD) acquisition; ordinary course on stock exchange.
Franklin Resources, Inc. and affiliates · Related body corporate in the Franklin composite substantial-holder notice; it reports disposal rights under investment management agreements. JPMorgan Chase Bank, N.A. · The Form 603 identifies JPMorgan Chase Bank, N.A. as registered holder for Franklin Advisers’ reported share interest. Becoming a substantial holder ↗ | PurchaseOrdinary shares | 13,000 | AUD 3,607.50 | AUD 0.2775Calculated average | — |
| 2026-03-18to 2026-03-19 | Westgold Resources Limited
Details & evidence for Westgold Resources Limited on 2026-03-18Recorded once at Westgold group level. The annual report identifies the 240,000,000 issue to Westgold on 18 March; the Westgold Form 603 identifies Big Bell as registered holder and gives a 19 March acquisition row. The report does not assign the legal account at the exact issue date. The 100 incorporation shares are separate and their original allottee is unnamed; no additional event is inferred. As disclosed: Annual report: “18 March 2026 – Issued to Westgold Resources Limited”; “Issued under demerger agreement as consideration for the Reedy and Comet Projects.” Westgold Form 603: “19 March 2026”; “Shares issued to BBGO following the incorporation of Valiant and in consideration for the acquisition of the Reedy Project and Comet Project by Valiant.”
substantial holder through controlled subsidiary · 2026-03-19 Big Bell Gold Operations Pty Ltd · Big Bell Gold Operations Pty Ltd is a wholly-owned subsidiary; Westgold reports control interest in the same 240,000,100 shares. Annual Report to Shareholders ↗ Becoming a substantial holder from WGX ↗ Annual Report to Shareholders ↗ Becoming a substantial holder from WGX ↗ | SubscriptionOrdinary shares | 240,000,000 | —Non Cash | — | — |
Disclosed holding observations2 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-08-07 | Franklin Resources, Inc. and affiliates
Details & evidence for Franklin Resources, Inc. and affiliates on 2026-08-07Franklin Resources and its related adviser report one 27,403,800-share position; JPMorgan Chase Bank, N.A. is the registered holder. The five Annexure B purchases total 3,403,800 shares. The notice reports the aggregate position separately; do not add the manager and group interests.
substantial holder · 2026-08-07 Franklin Advisers, Inc. · Franklin Advisers is included in the composite notice and reports the relevant interest in the shares. JPMorgan Chase Bank, N.A. · Registered holder of the 27,403,800 shares reported for the Franklin composite holder. Becoming a substantial holder ↗ Becoming a substantial holder ↗ Annual Report to Shareholders ↗ | PositionOrdinary shares | 27,403,800 | 5.07%Voting Power |
| 2026-03-19 | Westgold Resources Limited
Details & evidence for Westgold Resources Limited on 2026-03-19Form 603 reports Big Bell as the registered holder of 240,000,100 shares on 19 March and Westgold as controller; the Top 20 register confirms Big Bell’s balance. The annual report identifies 100 shares at incorporation and a separate 240,000,000-share demerger issue to Westgold. Valiant’s own Form 603 is disclosure-only, with no voting or acquisition rights. The original allottee of the 100 shares and their route into Big Bell’s account are not disclosed; no separate 100-share transaction is inferred.
substantial holder through controlled subsidiary · 2026-03-19 Big Bell Gold Operations Pty Ltd · Big Bell Gold Operations Pty Ltd is a wholly-owned subsidiary; Westgold reports control interest in the same 240,000,100 shares. Becoming a substantial holder from WGX ↗ Becoming a substantial holder from WGX ↗ Annual Report to Shareholders ↗ Annual Report to Shareholders ↗ Becoming a substantial holder ↗ | PositionOrdinary shares | 240,000,100 | 44.44%Voting Power |
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Sign in or enter a guest codeChronological evidenceSource-document inventory19 documents
VAL daily close, reference price for valuation date 2026-10-31Market Data · HighMetadata Only
Latest eligible local ASX close for VAL from miners.reference_price: A$0.255 on 2026-10-30 (open 0.25, high 0.26, low 0.25, volume 48,619), fresh at 1 day. Security basis: one ASX ordinary share.
- Document ID
- val-2026-10-30-asx-close-reference
- Published UTC
- 2026-10-30T05:00:00Z
- Projects
- —
- Commodities
- —
Market snapshot peer rows (miners_v8.db stock_daily) at cutoff 2026-10-31Market Data · MediumMetadata Only
Local peer database rows from python -m miners.v8db.market_snapshot VAL --cutoff 2026-10-31 --shares 540000100 --commodities Au (35 gold rows; close and market cap dated 2026-10-30; gold spot US$4,031.4/oz on 2026-10-29; AUD/USD 1.4407). Used for the valuation peer table; the subject's own row is excluded from peers.
- Document ID
- val-2026-10-31-peer-snapshot
- Published UTC
- 2026-10-30T04:00:00Z
- Projects
- —
- Commodities
- gold
Corporate Presentation for Southwest ConnectPresentation · HighPartial
Investor presentation (Oct 2026): restart pathway, OPA processing, resource table in appendix, funding and execution roadmap.
- Document ID
- val-2026-10-29-investor-presentation
- Published UTC
- 2026-10-29T01:04:55Z
- Projects
- —
- Commodities
- gold
Gold spot USD/oz reference, 2026-10-29Commodity Data · HighMetadata Only
Gold futures series used by the market snapshot: spot US$4,031.4/oz on 2026-10-29; 1-year average US$4,454; 3-year average US$3,306; AUD/USD 1.4407.
- Document ID
- val-2026-10-29-gold-spot-reference
- Published UTC
- 2026-10-29T05:00:00Z
- Projects
- —
- Commodities
- gold
Quarterly Appendix 5B Cash Flow ReportResults · HighExtracted
Appendix 5B for the September 2026 quarter: operating outflow A$223k, investing A$5.07m, cash A$57.46m at 30 Sep 2026, funding 16.4 quarters.
- Document ID
- val-2026-10-26-appendix-5b-sep-qtr
- Published UTC
- 2026-10-25T21:52:36Z
- Projects
- —
- Commodities
- gold
Quarterly Activities ReportOperations · HighPartial
September 2026 quarterly: Comet restart works (power, ventilation, dewatering, camp), first production target H2 FY27, South Emu-Triton and Boomerang drilling, use of funds table.
- Document ID
- val-2026-10-26-quarterly-activities-sep-qtr
- Published UTC
- 2026-10-25T21:44:10Z
- Projects
- —
- Commodities
- gold
Notice of Annual General Meeting/Proxy FormGovernance · MediumPartial
Notice of Annual General Meeting and proxy form. Governance only; no valuation inputs used.
- Document ID
- val-2026-10-23-agm-notice-proxy
- Published UTC
- 2026-10-23T01:13:31Z
- Projects
- —
- Commodities
- gold
CIBC slashes gold price forecasts but sees recovery to $5,200 in 2027Commodity Data · MediumMetadata Only
CIBC (October 2026) cut its 2027 gold average to US$5,200/oz from US$6,500, citing central bank demand as the structural support. One of several dated sell-side views; used to test the long-run deck.
- Document ID
- val-2026-10-20-cibc-gold-forecast
- Published UTC
- 2026-10-20T00:00:00Z
- Projects
- —
- Commodities
- gold
Annual Report to ShareholdersResults · HighPartial
FY26 annual report (period from incorporation 14 Oct 2025 to 30 Jun 2026): balance sheet, cash flow, share count 540,000,100, rehabilitation provision, related party (WGX 44%), Table 1 MRE on p8 (image).
- Document ID
- val-2026-09-29-annual-report-fy26
- Published UTC
- 2026-09-29T07:22:26Z
- Projects
- —
- Commodities
- gold
Annual General Meeting InformationGovernance · MediumPartial
AGM information notice. Governance only.
- Document ID
- val-2026-09-28-agm-information
- Published UTC
- 2026-09-28T08:06:16Z
- Projects
- —
- Commodities
- gold
Notification regarding unquoted securities - VALCorporate Action · MediumExtracted
Notification of unquoted securities. Capital structure reconciliation.
- Document ID
- val-2026-09-23-unquoted-securities
- Published UTC
- 2026-09-23T08:44:24Z
- Projects
- —
- Commodities
- gold
Becoming a substantial holderGovernance · MediumExtracted
Substantial holder notice filed 11 Aug 2026. Ownership register input.
- Document ID
- val-2026-08-11-substantial-holder-notice
- Published UTC
- 2026-08-10T22:16:55Z
- Projects
- —
- Commodities
- gold
Gold forecasts fall, but central bank buying expected to cushion retreat (Kitco/Reuters poll)Commodity Data · HighMetadata Only
Analyst poll reporting a 2027 average gold forecast of about US$4,610/oz (down from US$5,100 in the prior poll) with central bank buying expected to cushion the retreat. Used as an outside reference for the gold deck only; not an anchor.
- Document ID
- val-2026-07-29-kitco-gold-forecast-poll
- Published UTC
- 2026-07-29T00:00:00Z
- Projects
- —
- Commodities
- gold
June 2026 Quarterly Activities/Cashflow ReportResults · MediumPartial
June 2026 quarterly activities and cash flow report: restart and drilling update, cash at 30 June 2026 and Comet re-entry progress.
- Document ID
- val-2026-07-27-quarterly-june-2026
- Published UTC
- 2026-07-26T23:47:15Z
- Projects
- —
- Commodities
- gold
Quarterly Activities/Appendix 5B Cash Flow ReportResults · MediumPartial
March 2026 quarterly activities and Appendix 5B. Pre-listing quarter context and use of funds.
- Document ID
- val-2026-04-30-quarterly-activities-mar-qtr
- Published UTC
- 2026-04-29T22:28:00Z
- Projects
- —
- Commodities
- gold
Initial Director's Interest Notice x4Governance · MediumExtracted
Initial director interest notices (four directors). Ownership and alignment input.
- Document ID
- val-2026-03-27-initial-director-interest-notices
- Published UTC
- 2026-03-27T03:36:39Z
- Projects
- —
- Commodities
- gold
Becoming a substantial holderGovernance · MediumExtracted
Substantial holder notice filed 11 Aug 2026. Ownership register input.
- Document ID
- val-2026-08-11-substantial-holder-notice-2026-03-27
- Published UTC
- 2026-03-27T03:34:19Z
- Projects
- —
- Commodities
- gold
Becoming a substantial holder from WGXGovernance · MediumExtracted
Substantial holder notice from Westgold Resources (WGX). Ownership input.
- Document ID
- val-2026-03-27-substantial-holder-wgx
- Published UTC
- 2026-03-27T03:33:34Z
- Projects
- —
- Commodities
- gold
Top 20 HoldersGovernance · MediumExtracted
Top 20 holders list at listing (25 Mar 2026). Ownership input.
- Document ID
- val-2026-03-25-top-20-holders
- Published UTC
- 2026-03-25T05:11:42Z
- Projects
- —
- Commodities
- gold